Business Basics for Teenagers Worksheet

Entrepreneurship lesson 23: Business basics for teens · Set 280 · 40 questions

Business tip (Revenue in, profit left): Sole trader: one owner, keeps all the profit, owes the debts, simplest to start. Company: a separate legal body, owned by shareholders, run by directors, owners’ risk limited. Revenue = price × number sold. Profit = revenue − costs, so costs = revenue − profit. Teens run a business with adult help; tax and legal questions go to an adult or an expert.

1. 1.📊 Revenue or profit: revenue minus costs? (a) revenue (b) profit
2. 2.🎂 Can a 14-year-old run a business on their own? (a) only with adult help (b) yes, no one needed (c) only at night (d) never ever
3. 3.A small business selling painted pebbles had a revenue of ₹300 and a profit of ₹30. What were its costs (in ₹)?
4. 4.🏢 Sole trader or company: a separate legal body? (a) a sole trader (b) a company
5. 5.True or false: “owners’ risk is limited” is true of a company. (a) False (b) True
6. 6.🏢 Sole trader or company: owners’ risk is limited? (a) a sole trader (b) a company
7. 7.A small business selling clay diyas had a revenue of ₹2100 and a profit of ₹1710. What were its costs (in ₹)?
8. 8.True or false: “owned by shareholders” is true of a sole trader. (a) False (b) True
9. 9.Which of these is true of a sole trader? (a) run by directors (b) one owner runs it (c) owned by shareholders (d) owners’ risk is limited
10. 10.Which of these is true of a company? (a) one owner runs it (b) simplest to start (c) a separate legal body (d) owner owes the debts
11. 11.👤 A sole trader is… (a) a big company (b) a school club (c) a one-owner business (d) a bank
12. 12.📜 Who should explain tax or legal rules for a business? (a) a random video (b) an adult or an expert (c) a classmate (d) nobody
13. 13.🏢 Sole trader or company: run by directors? (a) a sole trader (b) a company
14. 14.📊 Revenue or profit: left after all costs? (a) revenue (b) profit
15. 15.📊 Revenue or profit: price × number sold? (a) revenue (b) profit
16. 16.True or false: “owner keeps all profit” is true of a company. (a) True (b) False
17. 17.🏢 Sole trader or company: owner keeps all profit? (a) a company (b) a sole trader
18. 18.A small business selling jute bags had a revenue of ₹675 and a profit of ₹445. What were its costs (in ₹)?
19. 19.True or false: “owned by shareholders” is true of a company. (a) False (b) True
20. 20.📊 Revenue or profit: money in before costs? (a) profit (b) revenue
21. 21.A small business sells 43 paper bookmarks at ₹50 each. What is its revenue (in ₹)?
22. 22.🏢 Sole trader or company: simplest to start? (a) a company (b) a sole trader
23. 23.🏢 Sole trader or company: owner owes the debts? (a) a sole trader (b) a company
24. 24.A small business selling jute bags had a revenue of ₹1710 and a profit of ₹920. What were its costs (in ₹)?
25. 25.A small business sells 45 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
26. 26.True or false: “owner keeps all profit” is true of a sole trader. (a) False (b) True
27. 27.A small business sells 53 jute bags at ₹15 each. Its costs are ₹680. What is its profit (in ₹)?
28. 28.📊 Revenue minus costs equals… (a) price (b) stock (c) profit (d) revenue
29. 29.True or false: “owner owes the debts” is true of a sole trader. (a) False (b) True
30. 30.A small business sells 57 bags of popcorn at ₹45 each. What is its revenue (in ₹)?
31. 31.Which of these is true of a company? (a) simplest to start (b) owner owes the debts (c) owner keeps all profit (d) run by directors
32. 32.A small business selling potted plants had a revenue of ₹155 and a profit of ₹115. What were its costs (in ₹)?
33. 33.A small business sells 57 bags of popcorn at ₹25 each. Its costs are ₹330. What is its profit (in ₹)?
34. 34.Which of these is true of a sole trader? (a) owner keeps all profit (b) owned by shareholders (c) owners’ risk is limited (d) a separate legal body
35. 35.A small business sells 38 glasses of chai at ₹50 each. Its costs are ₹520. What is its profit (in ₹)?
36. 36.A small business selling jute bags had a revenue of ₹590 and a profit of ₹300. What were its costs (in ₹)?
37. 37.A small business sells 13 jute bags at ₹45 each. What is its revenue (in ₹)?
38. 38.A small business sells 25 handmade cards at ₹20 each. What is its revenue (in ₹)?
39. 39.A small business sells 22 glasses of chai at ₹25 each. Its costs are ₹170. What is its profit (in ₹)?
40. 40.A small business selling potted plants had a revenue of ₹1020 and a profit of ₹540. What were its costs (in ₹)?

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